| Based on the fact that China’s government has released “eight-point” anti-bureaucracy and formalism rules in 2012,which marked the reform of national governance system,we tries to explore the effect of the reform on firm’s technical innovation investments from the perspective of management characteristics.This paper selects a total of 6,178 samples from 2010 to 2014.Through descriptive statistics and regression results,we can find that,after the national governance reform,firms in China have increased their investment on the technical innovation.Besides,the management characteristics of political connection have a significant negative correlation with firms’ R&D investments,while overconfidence and technical background are positively related to R&D investments.The further results also show that,for firms with political connection,national governance reform has more positive effects on firms’ innovation investments.And for the overconfidence,the increases of innovation investments of firms with overconfident leaders are much less than that of firms without overconfident leaders. |
